EXHIBIT 99.8

FOR IMMEDIATE RELEASE		May 7, 2004
Media Contact:	Alan Bunnell, (602) 250-3376	Page 1 of 1
Analyst Contact:	Rebecca Hickman, (602) 250-5668
Web site:	www.pinnaclewest.com

PINNACLE WEST REPORTS 2004 FIRST QUARTER EARNINGS

PHOENIX — Pinnacle West Capital Corporation (NYSE: PNW) today reported consolidated net income for the quarter ended March 31, 2004, of $30.2 million, or $0.33 per diluted share of common stock. This result compares with net income of $25.3 million, or $0.28 per share, for the comparable quarter a year ago.

The improved results were positively impacted by higher retail sales volumes at Arizona Public Service (APS) due to customer growth and weather, which in 2004 included the hottest March on record. Compared with the first quarter a year ago, electricity consumption by APS retail customers increased 10.3 percent in 2004.

“The rapidly increasing demand for electricity in Arizona underscores the critical importance of staying ahead of the growing energy needs of our customers,” said Chairman Bill Post. “Meeting that challenge requires tenacity and investment.”

In addition to 3.4 percent customer growth (about three times the national average) and weather effects, the quarter-to-quarter comparison also was positively affected by lower regulatory asset amortization. These positive factors were partially offset by a net increase in costs related to placing a new electricity-generating unit into service in mid-2003; and replacement power costs related to unplanned power plant outages.

For more information on Pinnacle West’s operating statistics and earnings, please visit http://www.pinnaclewest.com/main/pnw/investors/financials/quarterly/default.html.

Conference Call

Pinnacle West invites interested parties to listen to the live webcast of management’s conference call to discuss the Company’s 2004 first quarter earnings and recent developments at 12 noon (ET) today, May 7. The webcast can be accessed at www.pinnaclewest.com/main/pnw/investors/presentations/default.html and will be available for replay on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 6629019. A replay of the call also will be available until 12 midnight (ET), Friday, May 14, 2004, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering reservation number 6629019.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9.4 billion. Through its subsidiaries, the Company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States. It also develops residential, commercial, and industrial real estate projects.

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PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts)

	THREE MONTHS ENDED
	March 31,
	2004			2003
Operating Revenues
Regulated electricity segment	$	415,464		$	379,678
Marketing and trading segment		88,383			116,706
Real estate segment		51,593			40,688
Other revenues		18,929			15,571
Total		574,369			552,643
Operating Expenses
Regulated electricity segment purchased power and fuel		88,611			69,389
Marketing and trading segment purchased power and fuel		67,764			97,608
Operations and maintenance		138,656			133,117
Real estate segment operations		47,690			40,159
Depreciation and amortization		101,504			105,398
Taxes other than income taxes		30,330			28,496
Other expenses		16,443			9,221
Total		490,998			483,388
Operating Income		83,371			69,255
Other
Allowance for equity funds used during construction		2,002			—
Other income		11,412			5,721
Other expense		(5,945	)		(4,197	)
Total		7,469			1,524
Interest Expense
Interest charges		50,356			47,851
Capitalized interest		(4,911	)		(9,979	)
Total		45,445			37,872
Income From Continuing Operations Before Income Taxes		45,395			32,907
Income Taxes		15,627			12,754
Income From Continuing Operations		29,768			20,153
Income from Discontinued Operations
Net of Income Tax Expense		388			5,145
Net Income	$	30,156		$	25,298
Weighted-Average Common Shares Outstanding — Basic		91,294			91,256
Weighted-Average Common Shares Outstanding — Diluted		91,376			91,359
Earnings Per Weighted-Average Common Share Outstanding
Income From Continuing Operations — Basic	$	0.33		$	0.22
Net Income — Basic	$	0.33		$	0.28
Income From Continuing Operations — Diluted	$	0.33		$	0.22
Net Income — Diluted	$	0.33		$	0.28